# Date: 1905

LENIN ANTHOLOGY

about which much has already been spoken of there (much heralded). Information obtained here from apparently authentic sources determines the sum of this loan at 75 million pounds sterling (approximately 700 million rubles), of which France will take about half, and the rest will be offered in Germany, Holland, England, and the United States. It is also asserted that the greater part of the bonds being issued (of the issue) is to be intended to cover Treasury notes (taking up the Treasury Notes?), placed in France and Germany during the war.

"That Russia appeals to the money markets at just such a juncture (at just this juncture), when all the major centers are experiencing an unusually depressed condition (are under unusual pressure), this is taken as vivid testimony to its financial straits (straits). One of the versions consists in this: that only a small part of the aforementioned sum will be offered for subscription right now, while the remainder will be realized (will be raised) subsequently, probably at the beginning of next year. But this only further strengthens the unfavorable impression regarding Russia's need for money. That in Germany there is no enthusiasm whatsoever for the Russian loan precisely at the present moment, this is self-evident. Not only the conditions of the money market here, but even more than all this, the continuation of political turmoil (turmoil) in Russia and the obvious weakening, not to say breakdown (breakdown) of governmental authority, all these are such facts as are evaluated in Germany so highly, <the estimation of which in Germany is in such a manner> (are being weighed in a manner), that this constitutes an ill omen for the future subscription.))

1 On p. 224 of the book "Russian Finances and the European Bourse in 1904–1906," published by Tsentrarkhiv in 1926, there is cited a telegram from Mendelssohn in which he informed Kokovtsov that Arthur Finsel was appointed as his representative at the bankers' conference in Petersburg.

DISORDERLY RETREAT

In No. 109 of *Iskra*, Lenin detected a slight shift from the position of the neo-*Iskra*-ists on the question of evaluating the Cadets in comparison with earlier articles by Martov, Cherevanin, and Parvu, to whose critique Lenin's article "Sham Elections" is devoted (Works, vol. VIII, pp. 296–309). Lenin, in all probability, in the plan of the article "Disorderly Retreat" printed below, intended to dwell upon the evolution and zigzags of Menshevik tactics. But the news beginning to arrive from mid-October 1905 of mounting events in Moscow apparently pushed back the theme concerning the neo-*Iskra*-ists, and the article remained unwritten.

DISORDERLY RETREAT.

[October, after the 13th, 1905. Geneva.

*Iskra* No. 111 conveying "Liberal betrayals."*

The sum of constitutional democrats' treacheries—
Red Cross boycott.** Universities—for "peace"*** etc.). Conclusion: the betrayal of constitutional democrats in the Duma? No.

To hound the constitutional democrats as traitors in general? No.

They speak and do not finish speaking.

The final phrases: Those err who see in the Duma a "result of collusion"**** so how! And the Stakhoviches? and the praise of the moderation of the Moscow congress in *Novoe Vremya*? Was there no turn to the right?... but?... a tendency toward betrayals.

(A collusion is not a betrayal? What confusion!)

* = *Iskra*'s retreat, covered by a "rearguard action."

For an agreement with constitutional democrats on the conditions of revolutionary obligations? *Nihil*!** For elections—when? —how? —together with constitutional democrats? even without them? *Nihil*. Puff and nonsense.

Cf. Social Democrat, the 15th.*** No mention of the complete social-democratic program.

No clarity about support for constitutional democrats. They grew frightened of liberal trade-unionism*** —it is good that they grew frightened of their own tendency. But clearly they did not counterpose their own.

* — sum of sums, total. Ed.
** — nothing. Ed.
*** The word is not fully legible. The word "trade-unionism" is closest in meaning. Ed.